Tesla, Inc. · NASDAQ:TSLA
Tesla — Q4 2019 Earnings Presentation
26 slides from Tesla's earnings presentation, Jan 29, 2020
Slide 1: Q4 and FY2019 Update
Q4 and FY2019 Update Exhibit 99.1
Slide 2: Highlights
Highlights 03 Financial Summary04 Operational Summary06 Vehicle Capacity 07 Core Technology08 Other Highlights09 Outlook10 Photos & Charts11 Financial Statements20 Additional Information25
Slide 3: Highlights: 2019 was a turning point for Tesla
2019 was a turning point for Tesla. We demonstrated strong organic demand for Model 3, returned to GAAP profitability in 2H19 and generated $1.1B of free cash flow for the year. We achieved strong cash generation through persistent cost control across the business. Our pace of execution has also imp
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) 4 ($ in millions, except percentages and per share data) Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 QoQ YoY Automotive revenues 6,323 3,724 5,376 5,353 6,368 19% 1% of which regulatory credits 95 216 111 134 133 -1% 40% Automotive gross profit 1,537 751 1,016
Slide 5: Financial Summary: Revenue, Profitability, Cash
F I N A N C I A L S U M M A R Y Revenue Profitability Cash In 2019, our revenue growth was positively impacted by a strong increase in vehicle deliveries. Revenue growth was offset by higher lease mix*, Model 3 becoming a larger part of our mix, introduction of the Standard Range trims of Model 3, a
Slide 6: Operational Summary
In Q4, the annualized total vehicle production rate in Fremont was just over 415,000 units, about the same rate as the factory under NUMMI reached in its peak year of 2006. We achieved this production rate in spite of Model S/X running on a single shift and before the start of Model Y production. Ou
Slide 7: Vehicle Capacity
Model 3 deliveries by region V E H I C L E C A P A C I T Y Fremont The production ramp of Model Y started in January 2020. Together with Model 3, our combined installed production capacity for these vehicles is now 400,000 units per year. The ramp of Model Y will be gradual as we will be adding addi
Slide 8: Core Technology
C O R E T E C H N O L O G Y Autopilot & Full Self Driving (FSD) To date, Tesla vehicles have driven over 3 billion miles in Autopilot mode. As our fleet grows, Autopilot miles increase exponentially, adding yet more data to our neural net. All Tesla vehicles with our FSD computer have been updated w
Slide 9: Other Highlights
O T H E R H I G H L I G H T S Energy Business Energy storage deployment reached an all-time high of 530 MWh in Q4, which included the first deployments of Megapack, our new commercial-scale 3 MWh integrated storage system that is preassembled at Gigafactory Nevada as a single unit. Since the introdu
Slide 10: Outlook
O U T L O O K Volume Production ramp of Model Y in Fremont has begun, ahead of schedule. Model 3 production in Shanghai is continuing to ramp while Model Y production in Shanghai will begin in 2021. We are planning to produce limited volumes of Tesla Semi this year. Cash Flow Profitability Product F
Slide 11: Photos & Charts
P H O T O S & C H A R T S
Slide 12: Fremont Factory - Model Y Body Shop
F R E M O N T F A C T O R Y - M O D E L Y B O D Y S H O P 12
Slide 13: Fremont Factory - Model Y Body Shop
F R E M O N T F A C T O R Y - M O D E L Y B O D Y S H O P 13
Slide 14: Fremont Factory - Model Y Body Shop
F R E M O N T F A C T O R Y - M O D E L Y B O D Y S H O P 14
Slide 15: Model Y - 10 Months from Prototype to Production Start
March 2019 Prototype January 2020 Production vehicle M O D E L Y - 1 0 M O N T H S F R O M P R O T O T Y P E T O P R O D U C T I O N S T A R T 15
Slide 16: Fremont Factory Layout vs. Gigafactory Shanghai Layout
Model 3 in Fremont, CA Model 3 in Gigafactory Shanghai F R E M O N T F A C T O R Y L A Y O U T V S . G I G A F A C T O R Y S H A N G H A I L A Y O U T 16 Stamping Body in white (welding) Paint shop General Assembly (GA4) General Assembly (GA3) Stamping Body in white (welding) Paint shop General Asse
Slide 17: Key Metrics Quarterly
Vehicle Deliveries (units) Net Income ($B)* K E Y M E T R I C S Q U A R T E R L Y (Unaudited) 17 Operating cash flow ($B) Free cash flow ($B) * Attributable to Common Stockholders
Slide 18: Key Metrics Trailing Twelve Months
K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) Vehicle Deliveries (units) Operating cash flow ($B) Free cash flow ($B) Net Income ($B)* 18 * Attributable to Common Stockholders
Slide 19: Vehicle Deliveries & Free Cash Flow
V E H I C L E D E L I V E R I E S & F R E E C A S H F L O W (Unaudited) Model 3 ramped to 5,000/week (250,000/year run rate) at the end of Q2-2018 Operating cash flow ($B) Free cash flow ($B) Vehicle deliveries 19
Slide 20: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 21: Income Statement
Three months ending Year ending In millions of USD or shares as applicable, except per share data 31-Dec-18 30-Sep-19 31-Dec-19 31-Dec-18 31-Dec-19 REVENUES Automotive sales 6,074 5,132 6,143 17,632 19,952 Automotive leasing 249 221 225 883 869 Total automotive revenue 6,323 5,353 6,368 18,515 20,82
Slide 22: Balance Sheet
B A L A N C E S H E E T (Unaudited) In millions of USD 31-Dec-18 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 ASSETS Current assets Cash and cash equivalents 3,686 2,198 4,955 5,338 6,268 Restricted cash 193 131 128 233 246 Accounts receivable, net 949 1,047 1,147 1,128 1,324 Inventory 3,113 3,837 3,382
Slide 23: Cash Flow Statement
Three months ending Year ending In millions of USD 31-Dec-18 30-Sep-19 31-Dec-19 31-Dec-18 31-Dec-19 Cash Flows from Operating Activities Net income (loss) 210 150 132 (1,063) (775) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, amortization an
Slide 24: Non-GAAP Reconciliation
In millions of USD or shares as applicable, except per share data Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Net income (loss) attributable to common stockholders (GAAP) 140 (702) (408) 143 105 Stock-based compensation expense 205 208 210 199 281 Net income (loss) attributable to common stockholders (n
Slide 25: Additional Information
A D D I T I O N A L I N F O R M A T I O N WEBCAST INFORMATION Tesla will provide a live webcast of its fourth quarter and full year 2019 financial results conference call beginning at 3:30 p.m. PT on January 29, 2020, at ir.tesla.com. This webcast will also be available for replay for approximately
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